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04 May, 2021 13:26

Berenberg hikes target price on Ashtead

ashtead equipment jcb

Analysts at Berenberg significantly raised their target price on building equipment provider Ashtead from 2,850.0p to 4,850.0p on Tuesday, citing the group's "ambitious" market share plans.

Berenberg stated that Sunbelt 3.0 was Ashtead's "bold plan" to drive growth and take market share over the next three years.

While the analysts said the move was "ambitious", it also noted that history had proven that the company was "eminently capable" of meeting, and "usually exceeding", its targets.

"Management has set out encouraging growth targets over the next few years, and the roadmap centres on driving higher market share and capturing the fruits of growing rental penetration, particularly in the speciality rental business," said Berenberg, which also reiterated its 'hold' rating on the stock.

The German bank said the strategy was "promising", but also noted that the 35% year-to-date share price performance reflected "a lot of the excitement" already.


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Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.